MVPA Overview

Crocs, Inc. Leadership Change and Stock Performance

• New CFO Appointment: Crocs, Inc. announced that Patraic Reagan will take over as executive vice president and chief financial officer on September 22, succeeding Susan Healy, who resigned on August 28. Reagan brings nearly 30 years of experience from global consumer brands, including his recent role as CFO at SharkNinja and a long tenure at Nike.

• Stock Performance: As of Friday, Crocs shares reached $89.61, although the stock has seen a decline of over 39% in the past year. The current trading price is $86.93, reflecting a slight increase of 0.74%.

Financial Outlook

• Guidance Reaffirmed: Crocs maintained its revenue outlook for the third quarter of 2025, expecting a decline of approximately 9% to 11% year-over-year, influenced by foreign exchange rates. The company anticipates an adjusted operating margin of 18% to 19%, facing a 170-basis-point headwind from tariffs.

• Market Conditions: The company is limiting its guidance to Q3 due to ongoing trade-policy uncertainties and consumer market volatility.

• Coupang's Strong Q3 Performance: Coupang, Inc. reported a 27% year-over-year increase in net revenues to $7.9 billion, exceeding expectations, with significant growth in gross profit and adjusted EBITDA, reflecting strong performance in its Product Commerce segment.

• CEO's Stock Trading Plan: CEO Bom Kim has adopted a pre-arranged stock trading plan allowing him to sell up to 15 million shares of Coupang Class A Common Stock starting November 11, 2024, while the company's shares saw an 8.18% decline in premarket trading.

• TotalEnergies and Sinopec Agreement: TotalEnergies has signed a Heads of Agreement with Sinopec to supply 2 million tons of LNG annually for 15 years starting in 2028, enhancing its position in China's LNG market following a strategic cooperation established during President Xi Jinping's visit to France.

• Market Performance: Following the announcement, TotalEnergies shares rose by 0.80% to $62.97, despite reporting a third-quarter EPS of $1.74 that fell below expectations, while revenue exceeded estimates at $52.02 billion.

• Earnings Report: TotalEnergies SE reported third-quarter adjusted EPS of $1.74, missing expectations, while sales reached $52.02 billion, exceeding forecasts. Hydrocarbon production fell 1% due to unplanned shutdowns and security issues, with a notable decline in Exploration & Production and Integrated LNG segments.

• Future Outlook: The company plans to maintain hydrocarbon production levels between 2.4 and 2.45 Mboe/d for the fourth quarter and has approved a $2 billion share buyback. TotalEnergies reaffirmed net investments of $17 billion-$18 billion for fiscal year 2024.

• TotalEnergies' New Projects: TotalEnergies has signed a Preliminary Contract for Land Reservation with the Moroccan government for the ‘Chbika’ project, which aims to generate 1 GW of renewable energy and produce green hydrogen. Additionally, the company announced a gas condensate discovery in the North Sea and agreed to acquire stakes in offshore wind projects.

• Market Reaction: Following these announcements, TotalEnergies shares rose by 0.71% to $65.16 in premarket trading on Tuesday.

• Analyst Rating and Earnings Forecast: BofA Securities analyst Christopher Nardone maintains a Buy rating on Crocs, Inc. (CROX) with a price target of $179, projecting third-quarter EPS of $3.17, which exceeds guidance and consensus estimates, alongside a 5.8% sales growth driven by strong international performance.

• Market Performance and Future Outlook: CROX shares have increased over 62% in the past year, currently trading at $138.43, while attention is on North American sales trends and the impact of the shift to direct-to-consumer sales following Amazon's transition.